Thursday, 3 November 2011

Is he in or his he out?

So where are we after Day one of the G20 summit and has the Euro been saved?

Has he or has he not has been the main discussion.Has Greek Prime Minister George Papandreou offered his resignation and if so has the referendum been cancelled?

The answer,as I write that nobody is really sure.

He is currently addressing the Greek Parliament,telling MP's that Angela Merkel and Nicolas Sarkozy said that Greece would be out of the EU for ten years if they refused to accept the terms of the bailout,urged political unity in Greece, and inviting the opposition party to "jointly negotiate" the new bailout deal.

It does appear now that the referendum will not be going ahead.

Meanwhile the new ECB boss Mario Draghi,in a bid to calm the markets cuts the ECB policy rate to 1.25 per cent from 1.5.

Whilst in the UK,the city minister Mark Hoban admitted in the Commons that the Government had drawn up contingency plans for the break up of the eurozone.

David Cameron tells the press that the UK would not contribute to any further bailouts, but would consider increasing their contribution to the IMF.

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